Direct costs give you the best idea of where you are with a project.
Direct costs, or those costs associated with specific work to put in place, allow you to measure actual performance against your estimates. Typical direct costs include labor wages and related payroll taxes fringe benefits, including work compensation, liability insurance, vacation, and sick time. They also include material costs incorporated into the job, subcontractor costs, and charges for specific contract fees and assessments including tax, freight, and storage. This video reviews the typical direct costs of a construction project and how direct costs work into the construction circle.
Theran J. Welsh, CPA
SVA Certified Public Accountants
- Partner with SVA Certified Public Accountants since 2005
- Focus is on helping contractors create shareholder value by understanding their cost structure to bid and win profitable work and assure their tax structure is a model to support a sustainable organization
- He spends time with contractors to identify options for revenue reporting to reduce tax liability and identify industry-specific tax strategies to reduce tax liability, with the end goal of creating shareholder value
- His experience will help executives of construction companies identify the key performance measurements to pursue profitable work to sustain their organization
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